Walmart beats on earnings, raises guidance

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Walmart on Thursday reported second-quarter results that topped expectations, and the company raised its full-year earnings outlook.

The world's largest retailer earned $1.07 in adjusted earnings per share on revenue of $120.9 billion, up 3.1%.

Analysts had estimated that Walmart earned $1.02 in adjusted EPS and revenue of $120.3 billion.

Traffic to Walmart stores dipped a bit but remained positive, giving US locations open for at least a year an eighth quarter of positive sales, at 1.6%.

The company now projects adjusted EPS for 2017 in a range of $4.15 to $4.35, up from $4 to $4.30 previously. This guidance includes a dilutive impact of about $0.05 in the fourth quarter because of losses related to the acquisition of Jet.com.

Walmart recently announced it was buying Jet.com for $3 billion, a deal designed to boost its e-commerce business to take on Amazon. At the time of the announcement, Walmart generated about $14 billion in annual e-commerce sales, versus Amazon's $99 billion in annual revenue.

"The distinctions that we talk about today between stores, apps, pick-up, delivery, and sites are continuing to blur into the background for customers," Walmart CEO Doug McMillon said in a statement.

"For them, it's just Walmart."

Walmart's online sales rose 12% from the first quarter.

Walmart shares gained as much as 3.9% premarket after the results crossed. They rallied 19% this year through Wednesday's market close.